We will provide financing for you!

Buying from a developer that offers you financing? Sounds great, but you may not receive the property title until you have paid off your home. In the meantime, this developer may have financial problems and liens against your new property, and in some cases, the developer never had property title.

I am selling this house for a friend.

Make sure you are dealing with the owner of the property or a person with legitimate power of attorney for the seller. Insist on a copy of the deed before writing up an offer.

Do not worry we will hold your deposit in a safe place.

Insist on a fully insured Escrow Service, which will hold the funds “ In Trust” in a segregated account held in a Canadian or American bank. If you hand over your money, it may end up in the agent’s bank account, not a secure place for your investment.

You Do Not Need a Lawyer; I know a guy!

Do not allow the seller to convince you he has a friend or family member who will take care of your legal matters at a discounted price, only trust your property transfer to a professional real estate attorney. All property title transfers are registered by a Notario, but it is vital that you use a real estate attorney when signing contracts and performing financial transactions, especially buying property. The attorney will do a title search and guarantee title on the property.

Do not worry the Title is in process; we promise you will get it later.

Do not pay for real estate without a good title on the property; there are many stories of foreigners waiting years for the property title and some who never receive the deed.

I have a great deal on some beachfront property!

Cheap ocean front land may be Ejido land, and you will not be able to get title. This property was originally lent to the indigenous people of Mexico by the government, and cannot be sold to foreigners. Again, make sure there is a transferable title on the property.

This property is registered with a low appraisal value; it will reduce your annual taxes.

Be cautious, If the property is sold in the future, you may end up paying capital gains, as your property will show a huge profit when in fact it was due to a low appraisal value at the time of purchase, which saved the seller on his capital gains tax.

The Best Advice

Always work with a reputable local real estate attorney in Mexico. The attorneys at MEXLAW have a working relationship with the local appraisers, bankers, insurance companies, property managers and offer guaranteed property title and escrow services.

Additionally, you will gain from their valuable advice about the tax laws and other financial opportunities.

The post Warning Signs You Should Not Ignore When Buying Mexican Real Estate appeared first on MEXLAW.

If you have considered investing in Mexican real estate, but worry about the time it takes to look after a property while you are out of Mexico, there are options available to you.

One popular option is a condo hotel or resort style condo. These turn-key luxury homes are easily maintained and continue to grow your investment while you are away. Living in a condo hotel provides all the luxuries, and amenities you could desire on a Mexican vacation.

The Benefits of Condo Life in Mexico

• Typically situated in the most desirable locations in Mexico, close to the ocean or a spectacular golf course with top-rate amenities including; Concierge service, swimming pools, a spa, fitness center, 24-hour security, secure parking and airport transportation services. All the perks you expect from a luxury hotel.

• Through condo hotels, you can maximize your rental income without being in Mexico and maintain a vacation suite for yourself. A relatively new idea in Mexican real estate but the demand for an easier, low maintenance lifestyle continues to gain popularity.

• Not spending your vacation painting, remodeling or dealing with repairs such as plumbing or electrical issues. These days people prefer to live in a home that is entirely taken care of year round. Enjoy your time in Mexico without the worry and stress of maintenance on your home.

• Condo hotels are completely set up; you do not need to shop for furnishings. The condos come complete with high-quality furnishings, appliances, TVs and linens.  Just unpack your suitcase and relax.

• Rental pools are available, and on-site management will rent out your home, check guests in and out, keep it clean and deal with any maintenance problems while you are away. When you are ready for your stay, your condo will be ready for your arrival.

Comparing a Condo Hotel to a Timeshare Apartment

• Condo hotels are luxurious with high-end amenities.
• Many timeshare apartments are in older buildings and have not been maintained or updated.
• Unlike a timeshare situation, you own the condo, and you have control over use of your condo and if and when it is available to rent.
• You may sell your condo at any time; the condo is actual real estate with revenue and appreciation potential.
• Timeshare complexes may be sold by their original owners or have changed management companies, who may not live up to the original contract obligations
• You have a title on the condo hotel unit.
• Receive a rental income from your condo hotel when you are not in Mexico.
• The timeshares are hard to sell, and you will not profit from the sale.
• Timeshares are hard to book at prime times.

Before You Buy

• Hire a local real estate agent with real life references, ask other expats for recommendations.
• Consult a real estate attorney in Mexico who offers a complete range of legal services, including a Title Guaranty on your investment.  

The post Luxurious Living, Investing and Living in the Riviera Maya appeared first on MEXLAW.

Thank you Pelican Free Press and Colonos Association at Puerto Aventuras for hosting Mexlaw as a speaker, on the first informative talk about Migration Procedures, on the Puerto Aventuras Speaking Series.

P.A.S.S.

Puerto Aventuras Speaker Series

Puerto Aventuras colonos attended a presentation about Mexico’s new visa programs and process and whether it  should be considered a Temporary or permanent resident Visa “Residente temporal” – “Residente permanente” or work visa.

The post Mexlaw as a speaker appeared first on MEXLAW.

When you enter Mexico as a tourist, immigration issues you tourist visa, known as an FMM that entitles you to remain in the country for a maximum of 180 days. To extend your stay, legally, you have to exit the country and re-enter for a new FMM. If you wish to stay in Mexico for longer than 180 days, or you plan to live in Mexico, you will need to apply for a Temporary Residency Visa.

The Temporary Residency Visa can be issued for one year, the first time you apply and later renewed for two, three or four years. As a temporary residency visa holder, you can enter and leave Mexico as often as you want. You may also obtain a work permit in exchange for remuneration, get local discounts at certain parks, archaeological sites, some restaurants and other services, and obtain a CURP (Unique Population Registry Code) to register a car and other procedures.

At a Mexican consulate outside of Mexico:

• In the interview with the Consulate’s officer, you will be requested to provide documentation and information such as personal data, bank statements proving that you can support yourself financially while you are in Mexico.
• After reviewing your documents, the immigration officer will decide whether to approve your preliminary visa or not.  The visa will be issued within ten business days, at most. During the process, you will be photographed and have your fingerprints scanned. Once the visa is obtained, you have 180 days to return to Mexico and complete the canje, or exchange.

When arriving in Mexico make sure the immigration officer sees your visa that the Consulate affixed in your passport. They will then mark the FMM canje and write 30 days, instead of 180 days of the regular FMM. This is very important for your process to run smoothly at the immigration office.

At the INM Office in Mexico:

Once you enter Mexico, you have 30 days to complete the canjeprocess. You will need to fill out paperwork and apply at an INM office for a resident card. Many foreigners rely on information obtained on the internet or rumors from friends before applying for a visa and can run into obstacles during the process.

To ensure a speedy and trouble free process, it is recommended to use a professional law firm, such as Mexlaw, throughout your application.

Look for part two on temporary residency in our next edition.

The post Obtaining Temporary Residency in Mexico appeared first on MEXLAW.